Precision Medicine Market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a CAGR of 11.5 % from 2023 to 2028 according to a new report by MarketsandMarkets™. The rising number of product approvals followed by growing focus on genetic testing, a prerequisite for precision medicine therapeutics, are the factors supporting market growth.
Download an Illustrative overview:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=215185595
Browse in-depth TOC on “Precision Medicine Market”
189 – Tables
50 – Figures
240 – Pages
Precision Medicine Market Dynamics:
Drivers:
- Growth in genetic testing and companion diagnostics
Restraints:
- High costs of therapeutics
Opportunities:
- Growing demand for cell and gene therapies
Challenges:
- Challenges associated with adoption of precision medicine
Europe: The second-largest region in the precision medicine market.
The European market is the second-largest precision medicine market globally, mainly due to factors such as presence of key market players in the region. Europe is considered a major hub for precision medicine players and organizations. Moreover, greater awareness among people about newly emerging area of precision medicine, especially compared to developing regions.
By Type
- Inhibitor drugs
- Monoclonal Antibodies
- Cell & Gene Therapy
- Antiviral & Anti-retroviral drugs
- Other Therapeutic Products
By Indication
- Oncology
- Rare Diseases
- Infectious diseases
- Hematological disorders
- Other indications
By End User
- Hospitals and Clinics
- Home care settings
Key Market Players:
The market for precision medicine is competitive, with key players strategizing to capture the market. Prominent players in the precision medicine market are F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), , GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan) among others.
Recent Developments:
- In February 2023, Roche received EC approval for expansion of the Hemlibra (emicizumab) European Union (EU) marketing authorization.
- In January 2022, AstraZeneca (UK) collaborated with Scorpion Therapeutics to develop and commercialize precision medicines against hard-to-target cancer proteins, with an aim to transform oncology treatment. The size of this deal accounted for USD 75 billion.
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=215185595
